Can International Students Get a Car Loan in Canada?

August 04 2014, Auto Loan Kelowna

Can International Students Get a Car Loan in Canada?

When you’re a full time student, you have enough to do without having to wait for a bus to get to and from your classes. Many international students don’t realize that they might be able to qualify for a car loan in Canada.

Get a SIN, Then Get a Car

The first thing you need to do is apply for a Social Insurance Number (SIN) if you don’t already have one. The SIN allows you to get paid in Canada but it doesn’t allow you to work – you need a work permit to do that. In order to apply for an SIN, you’ll need to provide proof that you’re allowed to study in Canada.

When you receive your SIN, it will start with the number 9. Temporary workers, international students, and anyone else who isn’t a Canadian Citizen or Permanent Resident has a temporary SIN that starts with 9. In terms of credit, this puts students in the same category as people who have no credit history at all. Banks are very reluctant to provide a loan to people with no credit history. That’s where Auto Loan Kelowna comes to your rescue.

How Auto Loan Kelowna Can Help International Students

Auto Loan Kelowna specializes in providing car loans to people with bad credit or no credit at all. If you plan to stay in Canada for a while, getting a car loan and making regular payments is an excellent way to establish a good credit score. This will come in handy down the road if you plan to work in Canada and apply for other loans, for example, to buy a house.

If you’re a foreign student in Canada, you can enjoy the freedom and convenience of having your own vehicle. Apply for a pre-approved loan from Auto Loan Kelowna. It takes just a few minutes. Then, choose a vehicle from our huge selection of high quality, fully inspected new and used vehicles.

Get pre-approved today, and you’ll be driving to and from your classes in no time at all.

Contact Us

Other Articles That May Interest You

Nissan Advantage Program +

March 27 2019, Auto Loan Kelowna

Nissan Advantage Program

Attractive Interest Rates for New Nissan Vehicles If you’ve had credit challenges in the past, are a newcomer to Canada, or you’re just starting out and have never had a chance to establish your credit score, Nissan Canada has a program that will help you get into a new vehicle. The Nissan Advantage Program was created to make it much easier for anyone with a less than perfect credit or no... Read more
Buying Privately +

March 27 2019, Auto Loan Kelowna

Buying Privately

Financing a Vehicle You Buy from a Private Seller At Auto Loan Kelowna, we have access to a large and constantly updated selection of high quality pre-owned vehicles. We’re sure that you’ll be able to find your dream car here. However, if you still have your heart set on a vehicle that’s being sold by a private seller or even another dealership, we might be able to help you by providing you... Read more